Here’s your first Texas vs. California update of 2015:
Real personal income increased by 1.4% in Texas in Q3, the most of any state. And that with the oil bust just starting to bite, which I’m guessing helps explain why South Dakota’s personal income decline by .2%. (Well, that and getting six inches of global warming in September….)
Texas was the number one magnet state in the country for people moving here yet again.
“The real reason for the tuition increase is that the UC system needs funds to bail out the mismanaged pension system that covers retired employees of its ten campuses.”
This is all the result of the regents’ irresponsible oversight. In 1990, UCRP had 137 percent of the assets it needed to meet its obligations, so regents suspended employer and employee contributions to the pension fund. State legislators also stopped allocating money to UCRP. This “pension contribution holiday” lasted 20 years. To top it off, during this period, university officials boosted pension benefits a half-dozen times. By 2012, more than 2,100 UC retirees were each collecting six-figure pensions for life.
(Hat tip: Pension Tsunami.)
Former Pasadena (California) employees arrested on 60 count, $6 million embezzling charges. (Hat tip: CalWatchdog.)
More on outrageous California pensions: “In 2013, an assistant fire chief in Southern California collected a $983,319 pension. A police captain in Los Angeles received nearly $753,861.” (Hat tip: Pension Tsunami).
California’s doomed high speed rail boondoggle breaks ground today.
More on the same theme from Twitter:
Opponents of California’s statewide plastic bag ban have gathered 800,000 signature for a referendum to overturn it, which will also keep the law from going into effect on July 1.
California charity hospitals to be sold to for-profit company to keep them open.
Tags: Budget, California, Crime, fraud, waste, Welfare State
This entry was posted on Tuesday, January 6th, 2015 at 10:31 AM and is filed under Budget, Texas, unions, Waste and Fraud, Welfare State. You can follow any responses to this entry through the RSS 2.0 feed.
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